Now is the best time to buy a property in Italy

Italy’s culture, cuisine and countryside has always had a lure for the British.  The pace of life and climate make it an extremely attractive proposition when considering buying a property overseas.

Owning a property in any of the delightful locations across Italy can have the dual advantage of providing an ideal holiday location, often with the potential for extra income as a holiday let. As well as eventually becoming the perfect retirement haven.  The Italian government encourages foreign nationals to buy property in Italy and there are some favourable financial schemes available.  There is no prohibition on foreign purchasers of Italian real estate and astute investors are taking advantage of the some of the favourable asking prices for Italian real estate in some parts of Italy.

Italy’s real estate market has remained resilient during the recent well documented global problems.  The coastal areas suffer less than other European countries from being swamped by a vast influx of package tour tourists in the summer.

Giambrone & Partners’ expert real estate lawyers point out that whilst the process and procedures of property purchase in Italy may be different to those in the UK, with experienced English-speaking Italian lawyers by your side it will be no more stressful than buying a property in the UK.

Carlo Pontei, a partner, commented “Notaries assist in real estate purchase in Italy but it is strongly recommended that you take legal advice from an English speaking lawyer (Avvocato) throughout your purchase to avoid an accidental breaches of the regulations”. Carlo further remarked “also, it is vital that you fully understand the outcome of the due diligence that will be carried out on the property to be sure that the property’s its provenance is sound and there are no debts against the property.”

A proposal of purchase is drawn up once the due diligence has been established as sound.  A deposit must accompany the proposal which forms part of the purchase price.  A preliminary contract is drawn up which defines the details of the purchase such as the purchase price and when the sale will take place and any other relevant information.   The preliminary contract is binding on both parties, with financial consequences.  If the seller does not proceed they will be liable for double the amount of the deposit to you pursuant to art. 1385 Italian Civil Code.  Should the purchaser not go ahead with the purchase the deposit is forfeit and the seller can keep the deposit.

The deed of sale – the rogito – is signed by both parties in the presence of a notary and witness.  It is then registered at the Revenue Agency by the notary.  The cadastral transfer, the transfer of title, will then take place and be recorded at the Ufficio del Territorio (depending on the location of the property).

All that remains to be dealt with now are the taxes associated with the purchase. The fiscal (tax) level, involves a number of charges, fees and taxes that applying to the property purchase in Italy which are dependent on the purchaser’s personal circumstances.  Taxes may only be paid through an Italian bank account. Giambrone & Partners’ real estate team can guide you through the complexity of the system and make sure that your Italian property purchase proceeds smoothly without any inconveniences or major issues.

 

Carlo Pontei, is a Partner, he is an avvocato and speaks fluent English. 

Carlo is a highly regarded residential real estate lawyer. He specialises in the resolution of large, complex high-value purchases.

Carlo's expertise extends predominantly to Italy involving multifaceted cross-border transactions. He is recognised for his ability to deliver prompt flexible solutions utilising his exceptional negotiating skills.

Carlo has multi-jurisdictional expertise and endeavours to ensure that transactions are concluded swiftly and in accordance with the client's objectives.

For more information about buying a house in Italy please email Carlo’s clerk Helena Balster HB@giambronelaw.com or please click here